15 May 2012

Infratil profit boosted by TrustPower

1:31 pm on 15 May 2012

Infratil has lifted its full-year profit, helped once again by a strong performance at TrustPower.

The listed infrastructure investor reported a profit of $127 million in the year to the end of March, up 6% on the same period a year earlier. In 2011 it recorded a profit of $119.6 million.

Earnings rose almost 11% to $520 million, with TrustPower contributing more than half of that.

Earnings rose 9% as wholesale prices rose and generation picked up, while NZ Bus and Infratil's energy business in Australia also performed strongly.

Infratil chief executive Marko Bogoievski says it is a standout result that has set the company up for strong growth over the next few years.

Mr Bogoievski says the company has just put its European airports on the market as they have not been making the required returns, but the sale process could take a while.

Infratil will pay a final dividend of 5 cents a share.